#DebtHelp #GamblingAddiction #FinancialAdvice
Hey everyone, I need help. I’ll cut to the chase – I’m dealing with a $20,000 debt from my gambling addiction and I just don’t know where to turn. Here’s a quick rundown of my situation:
– $20,000 debt split between two credit cards
– Making $60k a year with potential for more through overtime
– Can’t seem to qualify for a balance transfer card
– Applied for a loan but waiting to hear back
I’m feeling overwhelmed and lost. Any advice would be greatly appreciated 🙏
One possible solution could be exploring debt consolidation options, such as:
– Speaking with a credit counselor
– Exploring debt consolidation loans
– Seeking assistance from a debt management program
Have you been in a similar situation or have any advice to offer? Let’s support each other through this tough time. 🌟
>I’m overwhelmed and just not sure where to turn.
Wait till you hear back from he bank regarding the LOC. While waiting, make a detailed budget and list ALL expenses. Reduce or cut unnecessary expenses. Have lines for CC debt repayment as part of that budget.
If you have access through your work insurance to programs/therapy it is probably a good idea.
7 years ago I was in South Korea and was losing $60,000 in one night…
I made my last bet. I put in $7500 on the banker, put in another $7500 on the side bets. It was my largest baccarat bet ever.
I already borrowed so much from the bank that they wont let me borrow further unless I tap my real estate equity.
I told myself if I win this I can continue to play but if I lose this, I don’t have to quit playing casino but I have to leave for Canada immediately and make a million dollars before going back to the casino.
Bam. I lost. All the chips. Lost $75,000 in 2 hours!
I literally walked out. No hesitation. Not interested in hotel comps. Just left. Took taxi. Bought a ticket to Canada. After few years… I made that million dollar. It was extremely hard work but I did it. I think I worked on average 80 hours/week something like that for 3 years with no day off while running my own business.
I still go to casino but I play within my limits. Only 100 dollars a night and limit myself to 5 dollar blackjack and I never bet over 5 dollars unless I have to split or double.
Such is my life… Funny but it is true.
Perhaps it is time for you to have that 3 years of hellish life… Oh it is easier to quit gambling when you are working 16 hours a day.
Your problem isnt the 20g, its the addiction.
You can get a consolidation loan for the credit card balances pretty easy, fixed term and rate. Youll pay it off in 5 years max at a couple hundy a month.
Take it from me, if it only cost you 20 large to realize your problem youre better off than most.
Good luck, and be well.
The good news is $20K debt with $60K salary is extremely manageable. The fact that you can make more money via overtime is also a huge opportunity. First step should be to cut/lock your credit cards to prevent you from adding to that debt. Second step should be signing up for a gambling addiction program. Everything after that is just making sure you are prioritizing paying down that down debt. It shouldn’t take more than 18-24 months to pay that down if you’re being diligent about it.
Have you blacklisted yourself from both online and live casino play? That should be your first step. Gambling, as addictions go, is one of the relative best because there’s controls in place that can literally stop you from doing it (eg, you can’t ban yourself from liquor stores).
I can’t speak to the gambling addiction, but I have absolutely been there in terms of the debt. Wait to hear from the bank on the consolidation loan. Do not apply for any other cards, hard inquiries hit your credit. In the mean time, do all of the over time you can. Go to a skeleton budget and dump as much money on the debt as you can. The Dave Ramsay snowball method would have you pay the lowest balance first and do the minimum payment on the others.
For one, cancel, terminate, all your gambling accounts on all websites you are using. You gotta end the urge by ending that relationship with your bookies. Once that’s done, you’ll feel a big relief. Then deal with the debt. Good luck.
Do NOT access more debt before dealing with the problem. If you consolidate your cards close them immediately.
Trust me, the absolute worst thing you can do is access more debt while you still have a problem – one relapse and you will find yourself rationalizing winning it all back and dig yourself deeper.
Get counseling and concurrently consolidate your debt to low interest but only enough to cover the cards.
Glad to hear you’re navigating your way out of this!
Just a suggestion, if you do manage to get approved for something as flexible as a line of credit rather than a personal loan. Consider banking right out of it to pay it off faster. I used this method when I had some debt and found it to be far more advantageous interest cost wise and time wise.
Basically dump your whole pay into the line of credit on pay day and then only take out what you need between paycheques. If you can work a lot of overtime you’ll only pay it off faster.
It works if you can manage it, and gets you back on your feet way faster!
Good luck!
20k is just like a student loan. Just try not to increase it. Live below your means and u can pay it off in a year!
Work overtime so you don’t have time to gamble, use that extra money to pay the credit cards down
This might be stupid advice, but the more you work, the less time you have to gamble.
Gambling addiction is real.
I do gamble. I have made money and I have lost money. Occasionally I have played with money that I shouldn’t have been. Not bills money, but money that could have gone to so many better things. I have had to seriously cut back and bring myself to reality to find a healthy balance, and it’s still something that I have to manage.
The key to getting out of your hole is to cut off gambling completely.
All it takes is one slip up and you could easily find yourself in thousands of dollars of more debt in a matter of minutes.
It sounds like you’re taking the right approach by getting in touch with a psychologist.
I would recommend analyzing everything else you interact with to see if there are any triggers. If you have gambling friends, cut them off completely or let them know that gambling is completely off limits if they want to maintain any contact. No talking about big wins or losses, no discussing your parlays or your prop bets, nothing to do with gambling at all.
If you have gambling humour in your TikTok/IG feed, block it. If you have any other connections to gambling, cut them immediately.
Also, do you have any debts to bookies or other unscrupulous money lenders?
If you do, please take care of those debts first. Banks will chase you and call you if you fall behind on payments, but there will never be a threat of violence or an aura of intimidation if you don’t stay up to date with your debt.
Go on ozempic, it basically cures addiction.
Deal with the addiction, the card that’s over limit, see if you can get the limit increased to only what you owe, call them and talk to them.
Put a freeze on both cards so they can’t be used.
If you have the option of overtime? Then do that, and the entire amount that is extra can go against one balance. Get one card paid down as fast as you can, then lower the limit to $2500, and use some self control.
Self exclude yourself for a year, you have an addiction. I am currently watching a family member burn through a lot of money in the casino, they have lost $50k in 2 years, and refuse to exclude themselves, they just say, ‘I could just go to a different casino’ but they can’t, there isn’t another one close by. They see nothing wrong with dropping $800 a day in the casino, they will be broke in no time.
Gambling can be an addiction, get help.
Work on paying that debt off. Maybe don’t work yourself to death but if you have the option for overtime then do it.
Step 2 is to get rid of the apps. If you have them on your phone you’ll just go back on there.
If you have an issue with casinos you can ask them to ban you.
Go to your bank for a consolidation loan, cancel your credit cards or lower the limits on them. I believe most provinces have a help line for gambling addiction, reach out to yours.
If you are unable to secure a LOC or consolidation loan, you can also call your credit card company and request a temporary interest freeze. CC companies are usually fairly reasonable with negotiating when you’re experiencing financial hardship. Their main goal is to recoup what you owe and that doesn’t happen if you go bankrupt. I’ve helped some relatives with negotiating with their CC company and all have been fairly accommodating in setting up a repayment plan that works for you.
Are you able to make regular, consistent payments to both cards now ? That’s the most important (after dealing with the addiction).
If you can do overtime, you should do some, within reason, and put that money straight into the debt.
Be careful, too much overtime can trigger the addiction again in some people, so you don’t want to risk that.
Good luck!